This page will give you everything you need to originate a BNPL loan with Onbo's APIs.
Loan applications are subject to regulations to protect borrowers, so it's important that your API calls are made at the right time with respect to your application UX events. The diagram below summarizes the primary API calls and when they need to be made during the user journey.
The first step is to create a user with the information you've collected during your onboarding/KYC. The /users POST call should be made before you present the loan application terms to the borrower. The call will return the user's
uuid. This id will be needed for subsequent calls, so it should be persisted and associated with the applicant.
Creating a loan application may not be done until you've received explicit consent from the applicant.
Every application will result in one of two outcomes:
- The application is rejected: inform Onbo that the applicant was rejected by passing the
rejection_reasonsparameters in your /applications POST call. When an applicant is rejected, you must present the reasons for rejection and send the Adverse Action Notice email. For more information, see the Rejecting Applications page
If using your own decisioning engine, every application (both approved and rejected applicants) must be shared with Onbo. The Adverse Action Notice must be sent to rejected candidates.
In order for a LOC offer to be accepted, the applicant must explicitly do the following two things:
Note that the promissory note expires after 24 hours. You can get a new promissory note at anytime.
The borrower must explicitly agree to the offer terms and sign the credit agreement (aka promissory note) in order for a LOC to be accepted
Once an applicant has accepted the loan terms and signed the promissory note, use the /loc PATCH endpoint to set the status to
ACTIVE. To do this, you'll need to pass the
document_idof the promissory note.
You should also instruct Onbo where to disburse the loan proceeds to by using the
disbursement_bank_infoparameter. This should generally be the merchant's bank.
The offer uuid will become the loan uuid once the loan status is set to active